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If it's in red it's wrong and I need help with it. I also included what the options are for the drop down menu
For the Year Ended December 31, 2019 Income Statement Balance Sheet Account Account Titles Dr. Dr No 101 112 130 157 158 201 212 311 320 332 400 622 9,000 11,000 3,000 23,600 Cash Accounts Receivable Prepaid Insurance Equipment Accumulated Depreciation- Equip Accounts Payable Salaries and Wages Payable Common Stock Retained Earnings Dividends Service Revenue Maintenance and Repairs Expense Depreciation Expense Insurance Expense Salaries and Wages Expense Utilities Expense 4,700 9,000 2,600 19,300 8,700 20,600 60,400 722 726 732 1,400 3,000 1,900 29,700 1,500 Totals 37,500 60,400 67,200 44,300 22,900 60,400 60,400 67,200 67,200 Net Income 22,900Explanation / Answer
Retained Earnings
No. 320
1/1 Bal.
$0
1/1 Bal
$8,700
31-Dec
31-Dec
$22,900
31-Dec
$20,600
12/31 Bal
$11,000
Dividends
No. 332
31-Dec
$20,600
31-Dec
$20,600
12/31 Bal
$0
Income Summary
No.350
31-Dec
$37,500
31-Dec
$60,400
12/31 Bal.
$22,900
Service Revenue
No. 400
31-Dec
$60,400
12/31 Bal
$60,400
Maintenance and Repairs
No.622
12/31 Bal
$1,400
31-Dec
$1,400
Depreciation Expense
No. 711
12/31 Bal
$3,000
31-Dec
$3,000
Insurance Expense
12/31 Bal
$1,900
31-Dec
$1,900
Salaries and Wages
No. 726
12/31 Bal
29,700
31-Dec
$29,700
Utilities Expense
12/31 Bal
1,500
31-Dec
$1,500
Retained Earnings
No. 320
1/1 Bal.
$0
1/1 Bal
$8,700
31-Dec
31-Dec
$22,900
31-Dec
$20,600
12/31 Bal
$11,000
Dividends
No. 332
31-Dec
$20,600
31-Dec
$20,600
12/31 Bal
$0
Income Summary
No.350
31-Dec
$37,500
31-Dec
$60,400
12/31 Bal.
$22,900
Service Revenue
No. 400
31-Dec
$60,400
12/31 Bal
$60,400
Maintenance and Repairs
No.622
12/31 Bal
$1,400
31-Dec
$1,400
Depreciation Expense
No. 711
12/31 Bal
$3,000
31-Dec
$3,000
Insurance Expense
12/31 Bal
$1,900
31-Dec
$1,900
Salaries and Wages
No. 726
12/31 Bal
29,700
31-Dec
$29,700
Utilities Expense
12/31 Bal
1,500
31-Dec
$1,500
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